UK house prices up 2.1% in January

Halifax figures show the average UK house price was £285,476 in February, 1.1% higher compared with January and 2.1% higher than this time last year. It followed a monthly gain in house prices of 0.2% in January and a fall of 1.3% in December. Kim Kinnaird, the director of Halifax Mortgages, said: “Recent reductions in mortgage rates, improving consumer confidence, and a continuing resilience in the labour market are arguably helping to stabilise prices following the falls seen in November and December.” Halifax said house prices are down by about £8,500, or 2.9%, on the August peak but remain almost £9,000 above the average prices seen at the start of 2022 and are still above pre-pandemic levels. Halifax said annual house price growth slowed in all countries and regions in February, with the north-east posting the biggest slowdown, to an annual rate of 1.1% from 3.6%, with homes costing an average £163,953. Average house prices in London are £526,842, down by 0.9% over the last year.  

The Guardian (07/03/2023)   The Independent (07/03/2023)   The Times (07/03/2023)